COVID and the housing market

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The cottagers that bought hoping AirB/B would be the mortgage saviour are getting cooked as cottage associations are passing bylaws having had enough . Even municipalities are pushing hard as the local cop doesn’t want to drive [emoji6][emoji[emoji6][emoji6]]kms down some podunk backroad for a noise and fireworks complaint at am.
And the covid “ I can work from my cottage “ thing isn’t happening now .


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mimico_polak said:
I'm expecting to see more and more articles like this...small time 'investors' (more like speculators / gamblers) that can't afford to lose their deposits are going to get bit as the market continues to stall and retreat...


I don't have much sympathy in all honesty...if you're gonna gamble...make sure you can afford to lose it.
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The assignment sales being posted are hilarious. Along the lines of "800 sq ft 1 bed purchased for 1.3, firm closing Sept/25, offered at a discount of 100K". Umm, no. You are going to fail to close and you have almost no time left. This is fire sale pricing time. If you can get 800K, you are doing great.
 
crankcall said:
The cottagers that bought hoping AirB/B would be the mortgage saviour are getting cooked as cottage associations are passing bylaws having had enough . Even municipalities are pushing hard as the local cop doesn’t want to drive [emoji6][emoji[emoji6][emoji6]]kms down some podunk backroad for a noise and fireworks complaint at am.
And the covid “ I can work from my cottage “ thing isn’t happening now .


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My buddy has a place near Grass Lake in Kearney. He said the parties are insane recently. 100+ people regularly and no one does a thing.

His Airbnb is cranking but quiet.

There was a party last weekend up the road and the drunks were messing around on ATVs…unfortunately one slammed into an oncoming pickup truck head on and didn’t make it.
 
raginduck said:
www.bramptonguardian.com

Brampton real estate prices hit near five-year low in July

Real estate prices for most dwelling types in Brampton in July were the lowest recorded by the Toronto Regional Real Estate Board since December 2020.
www.bramptonguardian.com www.bramptonguardian.com

www.insauga.com

Home purchased for $1.3M sells for a 42% loss in Brampton | inBrampton

Another home has sold for a huge loss in Brampton. Those who bought homes at extremely high prices in early 2022 in Ontario are now selling at much lower prices. In Brampton, a home recently sold for a $469,000 loss, and a Mississauga home sold for a $700,000 loss in July. A cottage purchased...
www.insauga.com www.insauga.com

Brampton is getting hit pretty hard.
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it's Brampton.
 
mimico_polak said:
I'm expecting to see more and more articles like this...small time 'investors' (more like speculators / gamblers) that can't afford to lose their deposits are going to get bit as the market continues to stall and retreat...


I don't have much sympathy in all honesty...if you're gonna gamble...make sure you can afford to lose it.
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The speculator didn't have the money to back up his bet. While that's unfortunate I shed no tears for him.

An interesting part is that he borrowed part of the down payment from friends who I'm sure would like it back. What were the terms?

Was the money from friends a loan or a shared investment? "When the unit flips we both make money." If that was the case, Mr. Investor could say "Sorry you invested and it tanked" or maybe even try to get the friend tied into the lawsuit.

I do feel sorry for the lady who wasn't buying on spec but got hammered anyway.

Edit: She was going to rent it out for a few years then sell. Sorry, same boat, different oar.
 
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I don’t feel the least bit sorry for Tajin the condo flipper . He was looking for a quick buck and condos , cottages , houses are all like any other venture . Many of us made huge gains in months and a couple years , but anything that goes up like a rocket usually comes down in flames . It was a gamble . His “agent” that probably got a finders fee for putting him in that position. Do that a thousand times and the agent makes good coin . He can sue the agent but my guess is following dumb advice is not punished in court .


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crankcall said:
I don’t feel the least bit sorry for Tajin the condo flipper . He was looking for a quick buck and condos , cottages , houses are all like any other venture . Many of us made huge gains in months and a couple years , but anything that goes up like a rocket usually comes down in flames . It was a gamble . His “agent” that probably got a finders fee for putting him in that position. Do that a thousand times and the agent makes good coin . He can sue the agent but my guess is following dumb advice is not punished in court .


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I was surprised at the magnitude of the lawsuit Centre Court threw in his direction. I expect him to be responsible for the difference in selling price from what he agreed to to what they got(~$400K). Suing him for $800k+ is a dick move and realistically I'd be shocked if he was able to ever satisfy either judgement.
 
crankcall said:
I don’t feel the least bit sorry for Tajin the condo flipper . He was looking for a quick buck and condos , cottages , houses are all like any other venture . Many of us made huge gains in months and a couple years , but anything that goes up like a rocket usually comes down in flames . It was a gamble . His “agent” that probably got a finders fee for putting him in that position. Do that a thousand times and the agent makes good coin . He can sue the agent but my guess is following dumb advice is not punished in court .


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I’ve been in Tajin’s shoes - late 80s. The rise is photic, people around you are envious or proud (parents). Lenders are fast and loose with money to fund the next deal.

When the tide turns, you a greedy bum that deserves the financial punishment.

Live and learn.
 
mimico_polak said:
$300 fee and documentation is enough to pull cottages from rental markets….highly doubtful.


More ‘cry me a river’ sob stories but those upset that there are now rules to renting out their properties.
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Documentation like a map of your septic system which may not be available and/or support the 18 person capacity you are advertising on Airbnb.

Some of the requirements seem excessive like checking the smoke and CO detectors after every stay. Not insurmountable though. The cleaner could do it or you could use something like Nest detectors which allow remote testing to be run.
 
I don't know how many of the old style rentals were between friends and money changed hands without the governments knowledge. Also without the insurer's knowledge. Suddenly it's a business.
 
I’m not surprised at Center Court whacking him hard . In the last couple years developers have been building in clauses on pre occupancy flips to help keep the market sensible and allow the developers to sell enough units to close out the condo deal , not swim in flips and paper trails . Dude was on the get rich program . Bet there was an F you clause in his original condo contract .


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